The temple was built by King Tribuvana of the Chalukya dynasty. According to scriptures, the Temple was built by Dharma, the eldest of the Pandava brothers. It is also said that Sage Agasthya installed the Shivalinga here named Malleswara. The presiding deities are in the Sanctum Sanctorum and procession deities are kept in a glass place.

Devotees pray for safety from enemies and for prosperity in life.

All merciful Mother Kanakadurga graces from this temple on Indirakila Parvatha. Lord Easwara is praised as Malleswara. This is the place, where Mother destroyed demons as Shumba, Nishumba, Sarabasura, Mahishasura and others taking the forms of Durga, Ugrachandi and Badrakali. Vijayawada was earlier known as Vijayapuri as many conquerors lived here. Vijaya-conquering.

Today’s Vijayawada was once a forest with mountains and rocks.  These were disturbing the free flow of River Krishna.  People were put to sufferings when floods  inundated vast areas.  People prayed to Lord Malleswara and Mother Kanakeswari to direct the mountain to give way to the river.  The mountain obeyed.  Bejjam in Telugu means cave.  As the Lord created the way for the River by creating a cave here, the place came to be known as Bezewada and changed to Vijayawada as called now.

As many herbal plants with medicinal effect on the banks of the river, this was also called Bijapuri.  As Arjuna worshipped here, this was known as Palguna Kshetra.  The name Kanakapuri is attributed to the rain of gold here after the Mother destroyed Mahishasura and she came to known as Kanakeswari.

The other story goes that a sage Indirakila performed intense penance here on Devi seeking protection from the horrors of the demons.  When Mother appeared, he prayed that the Mother should sit on his head and protect all the people there.  According to Skanda Maha Purana, Indirakila performed penance on Parvathi asking Her to be his daughter.  Parvathi granted the boon on condition that Indirakila should become a mountain to have Her as his daughter.  After the Muni became the mount, she sat on the Mount and is gracing the people.

Daksha, father of Mother Parvathi arranged a Yagna with the obvious intention of humiliating Shiva.  Angry Shakti fell on the Yagna fire and ended Herself to revenge Her father.  Shiva, holding Parvathi’s body began His furious Dance (Rudrathandava).  Lord Vishnu through His discus on Parvathi’s body which was cut into 8 pieces falling in different places and these place became Shakti Peetas, Vijayawada being one among them where Mahishasura was destroyed.

Mother Kanakadurga holds eight weapons in Her eight hands.  Navarathri festival is very grandly celebrated in the temple, beautifully dressed in the forms of Balatripurasundari, Gayatri, Annapoorani, Mahalakshmi, Mahasaraswathi, Laitha Tripurasundari, Durga, Mahishasuramardhini and Raja Rajeswari.

On the Vijayadasami day, Mother is taken in procession in River Krishna in a boat decorated as Swan.  It is the staunch faith of the people that gold will rain on Her evotees.